Hinge Health, a nine-year-old firm that gives a digital resolution to deal with power musculoskeletal (MSK) circumstances, minimize roughly 10% of its workforce on Thursday, TechCrunch has completely realized.
The corporate mentioned individuals who had been laid off labored throughout varied features; in response to workers posting on LinkedIn, some had been engineers. Earlier than the layoffs, Hinge had greater than 1,700 workers, in response to a LinkedIn estimate.
“As we proceed to reimagine musculoskeletal care, we’re additionally dedicated to constructing a long-term sustainable enterprise,” an organization spokesperson mentioned in an announcement. “To speed up our path to profitability, velocity up resolution making, and higher focus our investments, we’ve made the choice to realign our group. We’re extremely grateful for all our departing group members’ contributions and are centered on supporting them via this transition.”
The layoffs come as the corporate prepares for an IPO and goals to achieve profitability.
The corporate didn’t touch upon the timing for its IPO, however Hinge has mentioned beforehand that it’s not under pressure to hit the public markets this year because it nonetheless has $400 million of money on its steadiness sheet.
Hinge was last valued at $6.2 billion in October 2021 when it raised a $400 Sequence E from Tiger International and Coatue Administration. The corporate has raised a complete of $828 million, in response to PitchBook information.
The corporate’s essential competitor is Basic Catalyst and Khosla Ventures-backed Sword Well being, which was last valued at $2 billion in November 2021.
